Archive for May, 2013

During the ceremony at the Organization for Economic Cooperation and Development (OECD), twelve countries, among them Belize, signed an agreement or a letter of intention to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which provides for spontaneous exchange of information, simultaneous tax examinations and assistance in tax collection.

Belize, as well as Austria, Estonia, Latvia, Luxembourg, Nigeria, Saudi Arabia, Singapore and the Slovak Republic, has inked the agreement. The jurisdiction has also completed the domestic ratification procedures, along with Ghana, Greece, Ireland, Malta, and the Netherlands.

The Multilateral Convention is consistently supported by the G20. The G20 Finance Ministers and Central Bank Governors stated at their last meeting: “In view of the next G20 Summit, we also strongly encourage all jurisdictions to sign or express interest in signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and call on the OECD to report on progress.”

The Convention complements other initiatives to foster the adoption of a standardized model for multilateral information exchange, as well as efforts in the European Union to improve automatic information exchange.

Last week, the Ambassador of the Republic of China (Taiwan), His Excellency David C. K. Wu, presented a cheque for the amount of US$5 million to the Prime Minister and Minister of Finance of Belize, Dean Barrow. This is a Grant to Belize for the year 2013, given under the Bilateral Cooperation Program between Belize and the Republic of China (Taiwan) for years 2013 – 2016.

The grant will be used by the Government of Belize for covering local counterpart expenditures on key infrastructure projects. The proceeds of the Grant are for the general benefit and well being of the people of Belize.

Prime Minister Dean Barrow commented, accepting the Grant, that this co-operation program will assist Belize in meeting its development goals.